The Government has recently passed legislation, Treasury Laws Amendment (Putting Members’ Interests First) Act 2019, in order to ensure that members are not paying premiums for insurance cover that may inappropriately erode their retirement savings. This new legislation becomes effective on 1 April 2020.
New members joining Local Government Super’s Accumulation Scheme won’t automatically receive Basic Insurance Cover until they become eligible. To be eligible to receive Basic Insurance Cover, you must:
If you join the fund after 1 April 2020, you will need to tell us that you want to receive Basic Insurance Cover before you become eligible. You can do so by logging in to Member Online or completing the Opt-in to insurance cover form and return it to us.
If you have not reviewed your insurance cover recently, now may be a good time to check if it suits your current lifestyle. If you are unsure about whether or not you should continue to have insurance cover, we encourage you to seek professional financial advice. You can use our Insurance Needs calculator to work out how much insurance cover you may need.
If you have any questions, please call us on 1300 LGSUPER (1300 547 873) between 8.30am and 5.00pm, Monday to Friday.